The chances of a Solana (SOL) based exchange-traded fund (ETF) getting approved in 2024 are looking increasingly slim due to regulatory hurdles and the SEC’s classification of Solana as a security. The SEC’s rejection of two spot Solana ETFs and the decreasing probability on decentralized platforms reflect the challenging environment for crypto-based ETFs.
The SEC has expressed concerns about whether Solana should be classified as a security, potentially hindering the approval process for Solana-based exchange-traded funds (ETFs). This decision comes after discussions with ETF applicants and has led to the withdrawal of 19b-4 forms, which would have initiated the approval process. While the SEC remains silent on the matter, the move has sparked debate on the regulatory landscape for crypto assets.
Nader Al-Naji, the founder of BitClout, a social media platform that aimed to merge bitcoin culture with influencer reputation betting, has been arrested on charges of wire fraud. Authorities allege that Al-Naji misled investors by promising their funds would solely be used for the business development while he secretly siphoned millions for personal expenses and gifts. The SEC claims he lied about the decentralized nature of BitClout, raising over $257 million without proper registration.
Southwest Airlines has announced a multi-year sponsorship with the Southeastern Conference (SEC) and SEC Network, becoming the “Official Airline of the SEC”. This partnership includes new travel options for fans, unique sweepstakes offering MVP treatment, and integrated branding throughout SEC events and platforms.
The Securities and Exchange Commission (SEC) has accused BF Borgers, the independent accounting firm for Trump Media & Technology Group, of conducting a “sham audit mill” and committing extensive fraud that impacted over 1,500 SEC filings, according to a federal regulator. The firm is alleged to have lied to clients about the compliance of its work, fabricated audit documents, and made false claims in audit reports. BF Borgers and its owner have agreed to a permanent ban from practicing accounting before the SEC and will pay $14 million in civil penalties.
The Supreme Court has declined to review Elon Musk’s appeal of a settlement agreement with the Securities and Exchange Commission (SEC) that requires him to have certain social media posts about Tesla pre-approved by a company lawyer. The SEC had accused Musk of securities fraud following a 2018 tweet where he stated that he had acquired funding to take Tesla private, causing a spike in the company’s stock price. The tweet was deemed to be “false and misleading,” resulting in Musk being ordered to step down as Tesla’s chairman and pay a $20 million fine. The pre-approval requirement was also imposed to ensure the accuracy of Musk’s public statements.
Michael van de Poppe, a prominent crypto analyst, has expressed skepticism towards the approval of an Exchange-Traded Fund (ETF) for Ethereum (ETH). Poppe highlighted the Ethereum ecosystem’s resilience and indicated low chances of ETF approval despite its potential for a value increase.
KeAndre Lambert-Smith, a top receiver for Penn State last season, has announced his transfer to Auburn for his final year of eligibility. Lambert-Smith, who led the Nittany Lions in receptions and receiving yards in 2022, has been a key contributor for Penn State throughout his career. His move to Auburn adds depth and experience to the Tigers’ receiving corps.
In the wake of the SEC lawsuit filed against Ripple in 2021, the company has shifted to using the USDT stablecoin as its bridge currency for On-Demand Liquidity (ODL) transactions. This move, highlighted by blockchain analyst Crypto Eri, aligns with Ripple’s commitment to adhering to regulatory standards.
Former US President Donald Trump is set to receive a windfall of $1.3 billion in stock bonuses from Truth Social’s parent company, Trump Media & Technology Group (TMTG). This substantial payout represents nearly half of Trump’s current stake in the company and brings his total shareholding to a staggering $4.1 billion. The award is a reflection of TMTG’s recent share price surge, which has resulted in a significant increase in Trump’s wealth.
